Officials at First American Corp. and Dorado Corp. on Tuesday announced they are jointly developing a common, unified point-of-sale platform to provide lenders with on-demand loan processing and fulfillment. The new system is expected to be launched by the end of first-quarter 2006.
The platform combines Dorado’s ChannelMaster lending software and SourceMaster ordering software with First American’s Vendor Management platform, according to the companies’ announcement.
In May 2005, Dorado and First American announced a strategic partnership developer a more unified approach to mortgage lending. “This approach aims to transform mortgage origination from a compartmentalized process with frequent starts and stops into a highly integrated, open and dynamic process that enables the best execution from both a customer service and lender operations perspective,” according to the announcement. The companies now provide integrated point-of-sale solutions to: EverBank, Oak Street Mortgage and Union Bank of California.
“Our vision to create dynamic, real-time integration between processes and services was the impetus behind our strategic partnership with Dorado,” said Craig I. DeRoy, president of The First American Corp. “We will fully achieve that goal with our jointly developed, unified (point-of-sale) platform. For lenders who implement this platform, there will no longer be a detectable delineation between service provider and lending system. All transactions and processes will flow seamlessly from the user’s system to the service network and back again. (T)he system itself will automatically decide which route the loan will take and which processes and services will be invoked to deliver best execution for enterprise-wide loan production.”
“The partnership between our companies is bearing fruit, and changing the industry in very tangible ways,” said Dain Ehring, CEO of Dorado Corp. “Not only do we currently provide integrated, point-of-sale solutions to a number of leading lenders, but this platform will be sold by First American sales professionals with the goal of proliferating Dorado technology and our on-demand network of services throughout the industry. We couldn’t be happier with the level of commitment and resources First American is devoting to our shared vision.”
Dorado Corp. delivers an on-demand network of applications and services to the home lending point-of-sale. First American operations include: title insurance and services, specialty insurance, mortgage information, property information, credit information and screening information.
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